Yesterday the Bank of Canada announced that it would hold the overnight rate to 1.75%. For variable mortgage clients, bank prime rates for most lenders remain at 3.95%. Effective rates range from 2.95% and up for 5 year variables. In comparison, typical 5 year fixed rates are starting at 3.69% these days, with some specials… Read More…

As was pretty much expected, the Bank of Canada held the overnight interest rate at 1 ¾% this week, citing a weaker outlook for the Canadian economy. The softer tone from the Bank is in direct contrast to what they said when they last met October 24. Since that time, oil prices have fallen considerably… Read More…

The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market in… Read More…

This particular period in time might be the most difficult ever for a Millennial to buy a home. There are several factors at play here working against them; stagnant incomes, high home prices and the stress-test introduced by the Liberal government on January 1/18. In 1976 the average median income for 25-34 year olds was… Read More…

On Monday, May 14 the Bank of Canada will be raising the qualifying mortgage rate for prime mortgages to 5.34%. It currently sits at 5.14%. This will affect borrowers wanting a variable rate the most. If you’re wanting to qualify for a mortgage before the rate increases, you only have a couple more days left. … Read More…

Paying down, and off, debt is a priority in everyone’s life. Every family and individual should have a written household budget. There are plenty of these online to be had. If you don’t have one or would like me to send you one, please email me and I will do so. By paying off one… Read More…

Have you tried to apply for a conventional mortgage since the inception of the new rules the government implemented on January 1st? If you have and have been either turned down or you can’t get as much of a mortgage as you need, call me today. I have a solution that has helped other borrowers… Read More…